February sales tax up 19 percent compared to budget
Springfield, Mo. -- (2/12/2018) The City of Springfield’s February sales tax check from the Missouri Department of Revenue is up 19 percent, or $592,566, compared to the amount budgeted.
Springfield, Mo. -- (2/12/2018) The City of Springfield’s February sales tax check from the Missouri Department of Revenue is up 19 percent, or $592,566, compared to the amount budgeted. The sales tax check was $3,717,693 compared to the budgeted amount of $3,125,127.
The check reflects sales processed by the state in January from transactions made primarily in December. On a year to date basis, with February being the eighth month in the 2017-2018 fiscal year, revenues are up 1 percent compared to budget.
“We are now seeing small growth in sales tax above our budgeted sales tax for the year, which is a positive sign for the economy, and the City,” said Finance Director David Holtmann.
Compared to last February, monthly revenues are up 20 percent, or about $620,000. The February check continues the upward trend that began with the December 2017 check, which was up 3 percent compared to the budgeted amount. January's check was up 4 percent compared to budget.
The City heavily relies on sales tax revenues as its main source of revenue to fund vital services, such as police and fire operations. In Springfield, approximately 56 percent of revenue in the General Fund comes from sales tax and use tax.
View sales tax chart here.